August 27, 2010 —
The Federal Home Loan Bank of Cincinnati has awarded $248,000 to help build five single-family homes for low-income, first-time homebuyers in Morehead.
The Affordable Housing Program (AHP) grant was awarded to Whitaker Bank of Lexington, for the benefit of Morehead Area Habitat for Humanity, Morehead. Financing for the $433,939 project includes a cash contribution from Whitaker Bank, a cash contribution from Morehead Habitat, donated land, labor and materials, homebuyer down payments, and the $248,000 AHP grant. One home will be set aside for a special needs family.
A representative of the office of Rep. Hal Rogers, in announcing the grant, was joined by representatives of the FHLBank, Whitaker Bank and Morehead Area Habitat.
“Morehead Area Habitat for Humanity is bringing hope to so many people in Morehead,” said Terry Ensor, area president for Whitaker Bank. “This funding for Habitat is well deserved and I applaud the Federal Home Loan Bank for supporting our local non-profit groups that provide for those in need. We are pleased to help strengthen our community by creating successful homeowners.”
“Through the AHP, we’ve supported the responsible creation of affordable housing for 20 years,” said Jim O’Toole, Vice President of the FHLBank Cincinnati. “We continue to appreciate the support of Rep. Rogers and his colleagues in Congress for their oversight of the Federal Home Loan Bank’s unique structure and affordable housing mission. Each year I am impressed by the diversity, creativity and integrity of our lenders, program sponsors and their clients and customers.”
Each year the FHLBank Cincinnati sets aside 10 percent of net earnings for the congressionally established AHP, which helps create affordable housing for very low-, low- and moderate-income residents. The latest round of affordable housing grants comes as the FHLBank observes the 20th anniversary of the Affordable Housing Program through which the FHLBank and its members have responsibly created nearly 50,000 units of affordable housing for eligible families and individuals. AHP contributions of $350 million have helped support nearly $2.8 billion in housing development investments for hundreds of neighborhoods.
For more information on specific awards and details of the AHP programs, visit the FHLBank Cincinnati web site at www.fhlbcin.com.
The Federal Home Loan Bank of Cincinnati is a $67 billion, triple-A rated regional
wholesale bank providing financial services for residential housing and economic development
to 735 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio
and Tennessee. The FHLBank System, including 12 district FHLBanks, was chartered in 1932
by the U.S. Congress to promote housing finance but is wholly owned by its member institution
stockholders and does not use taxpayer dollars.
Local News
$248,000 awarded to Habitat for home building
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